Titans owner Bud Adams has offered Peyton Manning a contract “for life.” As crazy as it sounds in the salary-cap era, it can happen.
Per a source with knowledge of the league’s procedures, Manning and the Titans would be required to sign two contracts: one for the work as player, and one for the job as a non-player. The second job would have to be a “real job,” and the wages for the second job would have to represent fair market value. Manning would have to actually perform the duties of the job after his playing career ends.
Also, the entire arrangement would require league approval.
There would be no cap charge during Manning’s playing career. However, if the second contract pays higher than fair market value or if Manning doesn’t perform the services required, the Titans would face salary cap charges and other penalties for circumventing the cap, including fines and possible loss of draft choices.
To the extent that the contract “for life” would entail purchasing a portion of the team, there would be salary cap implications. Before getting to that point, the transaction would have to be approved by a vote of the 32 owners.
It’s unknown whether Adams would attempt to convey minority ownership of the Titans to Manning.